Cogeco announces sale of two radio stations in Quebec City
from press release today
MONTRÉAL, QUÉBEC--(Marketwire - Nov. 30, 2011) - Cogeco Diffusion today announced the sale of two of its four Québec City region FM radio stations to Leclerc Communication inc. The stations involved in the transaction are CJEC-FM and CFEL-FM.
The sale of CJEC-FM and CFEL-FM comes as the result of Cogeco Diffusion's commitment to the Canadian Radio-television and Telecommunications Commission (CRTC), at the public hearing on the acquisition of the Québec radio stations of Corus Entertainment Inc. (Corus), to divest certain stations in order to comply with the common ownership policy in the Québec City and Sherbrooke markets. At the time, Cogeco Diffusion stated its commitment to selling stations CJEC-FM and CFEL-FM in Québec City, and CJTS-FM in Sherbrooke.
Following the closing of the transaction to purchase Corus' radio stations in Québec and as required under the Broadcasting Act, the control and day-to-day management of the stations involved was transferred to a trustee, Mr. Fernand Belisle. The trustee was also responsible for overseeing sale proceedings for the radio stations.
"We are pleased to confirm the sale of the two Québec City radio stations, CJEC-FM and CFEL-FM, to the team at Leclerc Communication," said Mr Richard Lachance, Senior Vice President, Radio and Cogeco Diffusion Inc. "Proceedings for the sale of CJTS-FM in Sherbrooke are continuing."
The sale of CJEC-FM and CFEL-FM to Leclerc Communication inc. is subject to the usual terms and conditions, including approval by the CRTC.